This article adheres to strict editorial standards. Some or all links may be monetized.
There’s a long list of celebrities who made a fortune and lost it all. Burt Reynolds, Mike Tyson and Curtis “50 Cent” Jackson have all filed for bankruptcy in the past. Francis Ford Coppola has filed for bankruptcy three times.
Many believed Robert Van Winkle, better known as Vanilla Ice, would make that list after his music career withered away.
However, the rap star has managed to build a business empire after he left the spotlight. Divorce records obtained by the Daily Mail showed that he was worth $9 million in 2018. According to Celebrity Net Worth, his net worth is now at $20 million.
Must Read
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAP
- No time to lower your crippling car insurance rate? Here’s how to do it within minutes — you could end up paying $29/month without a single phone call
“I made millions for doing nothing!” Van Winkle told comedian Steve-O on a recent episode of his podcast "Steve-O’s Wild Ride!"
Here’s how the one-hit-wonder built a lucrative real estate and media empire.
Fascinated with real estate
Van Winkle’s biggest career break was his hit song “Ice Ice Baby” released in August 1990. The song was an instant hit and went on to become the party anthem of the 90s. “We were selling a million records a day, easy!” he told Steve-O.
Unfortunately, Van Winkle’s rap career nosedived after “Ice Ice Baby,” but the track was successful enough to help him accumulate a large portfolio of real estate.
You may not have an era-defining hit like “Ice Ice Baby” to your name, but you can still get into the real estate market with your current bankroll.
When he decided to offload his properties, Van Winkle says he was surprised by how lucrative the investments had been. “They sold really quick and I made millions for doing nothing! I didn’t even change the carpet…and I go holy s— let’s go buy a bunch more of them.”
If you want to become a real estate mogul like Van Winkle but have limited funds, Arrived allows you to invest in shares of single-family residential homes and vacation rentals without taking on the responsibilities of property management or homeownership.
You can start investing in real estate with just $100 on Arrived’s platform. Simply browse their curated selection of homes, each vetted for their appreciation and income potential. Once you find a property you like, you can choose the number of shares you want to buy and start investing.
Read more: Warren Buffett used 8 simple money rules to turn $9,800 into a stunning $150B — start using them today to get rich (and then stay rich)
Strategic moves
After 30 years of investing in real estate, Van Winkle says he has developed a game plan. He says he prefers to buy properties that are off-market and not listed on the multiple listing service (MLS).
Off-market deals are rare. Only 3% of homebuyers surveyed by the National Association of Realtors in 2023 said they purchased their property directly from the seller or knew the seller instead of going through agents or online listing services.
Aside from real estate, there are other off-market alternative investment opportunities. By growing your portfolio with a variety of assets, you can better balance risk and reward.
If you’re looking to invest in professionally-vetted commercial real estate, consider using First National Realty Partners (FNRP).
FNRP is a private equity firm whose online platform allows accredited investors the chance to diversify their portfolio with necessity-based real estate. FNRP offers grocery-anchored investment opportunities without the effort it takes to find the deals yourself.
Alternative Investment
Contemporary art has performed the S&P 500 for the last 27 years by 137%. However, investing in art used to be limited to wealthy investors who could afford to purchase pieces outright.
With Masterworks, you can now invest in artwork by iconic artists from Banksy and Basquiat.
Masterworks is an online platform that allows you to invest in fractional shares of famous artwork without having to get all dressed up to attend an auction. When Masterworks sells a piece you’ve invested in, you get a return from any net proceeds.
Another alternative investment to consider is gold, widely considered to be a good hedge against inflation.
Opening a gold IRA with the help of Goldco allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.
With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.
If you’re curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.
Build a strategy for building your net worth
When one of his homes was destroyed by Hurricane Andrew in 1992, Van Winkle decided to renovate it himself and sold it. This experience sparked a lifelong fascination with real estate. Van Winkle says he went to design school and worked as a general contractor for several years.
As of 2018, he was making $800,000 a year, according to court documents released during his divorce at the time. All this experience buying and renovating homes gave him the tools he needed to craft a long-term business strategy.
If you’re a part of this elite financial club and don’t have an advisor, you could consider working with the tax experts and professional advisors at Range. They offer white-glove financial services to high-income households.
Once your equity enters this ballpark, one of the biggest financial pain points can be asset under management (AUM) fees. These fees mean that portfolio managers take a percentage of the value, typically between 0.5% and 2%, of your managed assets — so their fees scale with your wealth.
Range offers 0% AUM fees for advisory services and a flat-fee structure so that you can preserve more of your wealth. What’s more, they also offer an all-in-one solution for everything from alternative asset management to taxes — all of which is informed by modern AI solutions, but backed by a team of certified financial professionals.
And the best part? You can book a complimentary demo to see if Range can meet your comprehensive financial needs.
What To Read Next
- Robert Kiyosaki says this 1 asset will surge 400% in a year — and he begs investors not to miss its ‘explosion’
- I’m almost 50 and have nothing saved for retirement — what now? Don’t panic. These 6 easy steps can help you turn things around
- Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
- 22 US states are now in a recession or close to it — protect your savings with these 10 essential money moves ASAP
Join 200,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.